Panamanian authorities try to recover reputation by tackling 240 money laundering cases

The Economy and Finance Ministry (MEF) reacted to a recent Standard & Poor’s (S&P) report which maintained the current risk rating for Panamanian banks, with the exception of three local banks (La Prensa, 1 November 2016). In a press release, MEF confirmed the steps Panama has taken in the last few years to combat money laundering and increase financial transparency, and reiterated its commitment to continuing to do so (Estrategia y Negocios). Panamanian financial regulatory authorities and the Public Ministry opened 240 investigations into money laundering activities in the last 24 months alone. Of those, financial regulators have advanced in 67 money laundering cases, while the Public Ministry is developing 173 others. Of these, 30 are in the process of being sanctioned, 38 have already received fines, and 66 have been referred to the judiciary.